O2019-0709 ORDINANCE appropriating $4,216,973.71 out of Tax Increment Funds for REINVESTMENT ZONE NUMBERS TWO (MIDTOWN ZONE), THREE (MAIN STREET/MARKET SQUARE ZONE), ELEVEN (GREATER GREENSPOINT ZONE), FIFTEEN (EAST DOWNTOWN ZONE), and TWENTY-FIVE (HIRAM CLARKE/FORT BEND ZONE) for payment of administrative expenses,  payment to Harris County, and payments to certain redevelopment authorities as provided herein - DISTRICTS B - DAVIS; C - COHEN; D - BOYKINS; H - CISNEROS; I - GALLEGOS and K - CASTEX-TATUM

The appropriation of $4,216,973.71 results from tax increment payments received in the City’s Fiscal Year 2019 from Houston Community College, Lone Star College, Harris County, and Fort Bend County for transfer to the various TIRZs.

As shown in the attached spreadsheet, $65,167.15 will be transferred to the General fund for TIRZ administrative costs; $248,780.55 will be transferred to Harris County’s Community Services Department for affordable housing; and $3,903,026.01 will be paid to the various redevelopment authorities on behalf of the TIRZ.

All tri-party agreements and creation documents can be found on the following website: http://www.houstontx.gov/ecodev/

Recommendation:

City Council approve an ordinance appropriating $4,216,973.71 in tax increment revenue payments made by Houston Community College, Lone Star College, Harris County, and Fort Bend County and authorizing the transfer of tax increment revenues to various TIRZ funds pursuant to the City’s Interlocal Agreements with Houston Community College, Lone Star College, Harris County, and Fort Bend County.

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Andrew F. Icken, Chief Development Officer

Gwendolyn F. Tillotson, Deputy Director

Phone:  (832) 393-0937